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Note 1 - Segment information | 12 Months Ended
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Dec. 31, 2024
Note 1 - Segment information |
Note 1 - Segment information | I V. OTHER NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 Segment information As mentioned in sectio n II.C, the S egment I nformation is disclosed as follow s: Reportable operating segments (All amounts in millions of U.S. dollars)
Year ended December 31, 2024 | Tubes |  |  | Other |  |  | Total |
Management view - operating income | 2,391 |  |  | 143 |  |  | 2,534 |
Difference in cost of sales |  |  |  |  |  |  | (115 | )
Differences in selling, general and administrative expenses |  |  |  |  |  |  | (3 | )
Differences in other operating income (expenses), net |  |  |  |  |  |  | 3 |
IFRS - operating income |  |  |  |  |  |  | 2,419 |
Financial income (expense), net |  |  |  |  |  |  | 129 |
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  | 2,548 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  | 9 |
Income before income tax |  |  |  |  |  |  | 2,557 |
Net Sales | 11,907 |  |  | 617 |  |  | 12,524 |
Depreciation and amortization | 580 |  |  | 53 |  |  | 633 |
Year ended December 31, 2023 | Tubes |  |  | Other |  |  | Total |
Management view - operating income | 4,337 |  |  | 129 |  |  | 4,466 |
Difference in cost of sales |  |  |  |  |  |  | (134 | )
Differences in selling, general and administrative expenses |  |  |  |  |  |  | (7 | )
Differences in other operating income (expenses), net |  |  |  |  |  |  | (9 | )
IFRS - operating income |  |  |  |  |  |  | 4,316 |
Financial income (expense), net |  |  |  |  |  |  | 221 |
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  | 4,537 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  | 95 |
Income before income tax |  |  |  |  |  |  | 4,633 |
Net Sales | 14,185 |  |  | 684 |  |  | 14,869 |
Depreciation and amortization | 518 |  |  | 31 |  |  | 549 |
Year ended December 31, 2022 | Tubes |  |  | Other |  |  | Total |
Management view - operating income | 2,772 |  |  | 75 |  |  | 2,847 |
Difference in cost of sales |  |  |  |  |  |  | 44 |
Differences in depreciation and amortization |  |  |  |  |  |  | 2 |
Differences in selling, general and administrative expenses |  |  |  |  |  |  | (4 | )
Differences in other operating income (expenses), net |  |  |  |  |  |  | 74 |
IFRS - operating income |  |  |  |  |  |  | 2,963 |
Financial income (expense), net |  |  |  |  |  |  | (6 | )
Income before equity in earnings of non-consolidated companies and income tax |  |  |  |  |  |  | 2,957 |
Equity in earnings of non-consolidated companies |  |  |  |  |  |  | 209 |
Income before income tax |  |  |  |  |  |  | 3,166 |
Net Sales | 11,133 |  |  | 630 |  |  | 11,763 |
Depreciation and amortization | 588 |  |  | 20 |  |  | 608 |
There are no material differences between IFRS and management view in total revenues. The differences between operating income under IFRS and the management view s are mainly related to the cost of goods sold, reflecting the effect of raw materials prices increases on the valuation of the replacement cost considered for management view compared to IFRS cost calculated at historical cost on a FIFO basis, and other minor timing differences. The main difference in Other operating income (expenses), net, for the year ended December 31, 2022, is attributable to t he effect of the reclassification of the currency translation adjustment reserve related to NKK Tubes’ definitive cease of operations, not impacting the management view. T he main differences in net income under the IFRS and management views arise from the impact of functional currencies on financial result, deferred income taxes as well as the equity in earnings of non-consolidated companies. Following the integration of coating activities into its Tubes segment, the Company re presented year-to-date segment information amounts accordingly. Geographical information
| North America |  |  | South America |  |  | Europe |  |  | Asia Pacific, Middle East and Africa (*) |  |  | Unallocated (**) |  |  | Total |
Year ended December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | 5,558,769 |  |  | 2,621,581 |  |  | 1,262,458 |  |  | 3,081,126 |  |  | - |  |  | 12,523,934 |
Property, plant and equipment, net | 3,578,293 |  |  | 1,257,345 |  |  | 832,443 |  |  | 453,390 |  |  | - |  |  | 6,121,471 |
Intangible Assets, net | 1,117,314 |  |  | 177,934 |  |  | 14,899 |  |  | 47,602 |  |  | - |  |  | 1,357,749 |
Right of Use Assets, net | 65,105 |  |  | 8,255 |  |  | 28,242 |  |  | 47,266 |  |  | - |  |  | 148,868 |
Investments in non-consolidated companies | - |  |  | - |  |  | - |  |  | - |  |  | 1,543,657 |  |  | 1,543,657 |
Year ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | 7,765,130 |  |  | 3,382,495 |  |  | 1,175,581 |  |  | 2,545,654 |  |  | - |  |  | 14,868,860 |
Property, plant and equipment, net | 3,676,352 |  |  | 1,143,752 |  |  | 794,242 |  |  | 463,833 |  |  | - |  |  | 6,078,179 |
Intangible Assets, net | 1,126,774 |  |  | 166,450 |  |  | 22,580 |  |  | 61,306 |  |  | - |  |  | 1,377,110 |
Right of Use Assets, net | 50,128 |  |  | 9,241 |  |  | 24,832 |  |  | 47,937 |  |  | - |  |  | 132,138 |
Investments in non-consolidated companies | - |  |  | - |  |  | - |  |  | - |  |  | 1,608,804 |  |  | 1,608,804 |
Year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net sales | 6,902,787 |  |  | 2,550,402 |  |  | 1,000,833 |  |  | 1,308,504 |  |  | - |  |  | 11,762,526 |
Property, plant and equipment, net | 3,548,844 |  |  | 1,031,423 |  |  | 706,539 |  |  | 269,457 |  |  | - |  |  | 5,556,263 |
Intangible Assets, net | 1,102,265 |  |  | 147,102 |  |  | 7,598 |  |  | 75,543 |  |  | - |  |  | 1,332,508 |
Right of Use Assets, net | 37,022 |  |  | 12,141 |  |  | 15,208 |  |  | 47,370 |  |  | - |  |  | 111,741 |
Investments in non-consolidated companies | - |  |  | - |  |  | - |  |  | - |  |  | 1,540,646 |  |  | 1,540,646 |
(*) Starting on January 1, 2023, Asia Pacific and Middle East and Africa areas were merged in a single geographical area. (**) For the years 202 4, 20 2 3 and 20 2 2 includes Investment s in non-consolidated companies. See n ote 14 t o these Consolidated Financial Statements. There are no revenues from external customers attributable to the Company’s country of incorporation (Luxembourg). The principal countries from which the C ompany derives its revenues are USA (32%), Argentina (12%), Saudi Arabia, Canada, Mexico and Brazil (each less than 10%). As of December 31, 2024, 2023 and 2022 non-current assets comprising property, plant and equipment, intangible assets and right of use assets attributable to the Company’s country of incorporation (Luxembourg) amounted to $15.6 million, $10.7 million and $2.9 million, respectively. Revenue is mainly recognized at a point in time to direct customers, when control has been transferred and there is no unfulfilled performance obligation that could affect the acceptance of the product by the customer. Revenues related to governmental institutions represent approximately 30%, 26% and 22% in 202 4, 20 2 3 and 20 2 2 respectively. Tubes segment revenues by market: (All amounts in millions of U.S. dollars)
Revenues Tubes | 2024 |  |  | 2023 |  |  | 2022 |
Oil & gas | 10,689 |  |  | 12,488 |  |  | 9,543 |
Oil & gas processing plants | 548 |  |  | 818 |  |  | 738 |
Industrial, power and others | 670 |  |  | 879 |  |  | 852 |
Total | 11,907 |  |  | 14,185 |  |  | 11,133 |
The table above i nclude s revenues from services performed on third party tubes of $483.5 million, $164.8 million and $108.3 million for the years 2024, 2023 and 2022, respectively. A s of December 31, 20 2 4 and 20 2 3, the Company recognized contract liabilities related to customer advances in the amount of $206.2 million and $263.7 million, respectively. Contract liabilities represent obligations to perform services or deliver products in the future for cash considerations that have been received from customers. Each of t he se amounts a re rec ognized as revenues during the subsequent year s. In these periods, no significant adjustment s in revenues were performed related to previously satisfied performance obligations. As of December 31, 2024 and 2023, the Company recognized contract assets related to unbilled revenues in the amount of $50.8 million (including $14.2 million with related parties) and $47.5 million, respectively. Contract assets arise from revenue earned for goods or services that is not yet billable to the customer s.

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